Morocco’s trade deficit dropped by 26 percent in 1Q 2002

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Morocco’s trade deficit experienced a 25.9 percent drop in the first quarter of 2002, down from 7.39 Moroccan dirhams ($656 million) during the same period in the previous year, confirmed governmental figures. Imports fell by six percent in value to MD 28 billion and exports rose in value by four percent reaching MD 21 billion during the same period.

The state’s Office des Changes attributed the export rise to an improvement in non-phosphate exports, such as foodstuffs, unprocessed goods and energy products. The decline in imports was linked to an energy bill reduction and a drop in semi-processed goods.

The United States conducts close to one billion dollar trade with Morocco annually. US exports to Morocco totaled $286.1 million in 2001, mainly machinery, transport equipment, food and livestock. Moroccan exports to the US amounted to $434.6 million that year. — (menareport.com)